Issuing Bonds

1. The governing body of any local political subdivision that wishes to issue bonds under the authority granted in Section 11-14-103 shall, at least 75 days before the date of election:

Approve a resolution submitting the question of the issuance of the bonds to the voters of the local political subdivision; and

Provide a copy of the resolution to:

the lieutenant governor; and

the election officer, as defined in Section 20A-1-102, charged with conducting the election; and

And comply with the requirements of Title 59,Chapter 1, Part 16, Transparency of Ballot Propositions.

2. The local political subdivision may not issue the bonds unless the majority of the qualified voters of the local political subdivision who vote on the bond proposition approve the issuance of the bonds.

3. Nothing in this section requires an election for the issuance of:

refunding bonds; or

other bonds not required by law to be voted on at an election.

4. The resolution calling the election shall include a ballot proposition, in substantially final form, that complies with the requirements of Subsection 11-14-206(2).

1. At least 75 days before the election, the governing body shall prepare and submit to the election officer:

a ballot title for the bond proposition that includes the name of the local political subdivision issuing the bonds and the word "bond"; and

ballot proposition that meets the requirements of Subsection (2).

2. The ballot proposition shall include:

the maximum principal amount of the bonds;

the maximum number of years from the issuance of the bonds to final maturity; and

the general purpose for which the bonds are to be issued; and

if issuance of the bonds will require the increase of the property tax imposed upon the average value of a residence by an amount that is greater than or equal to $15 per year, the following information in substantially the following form:

Property Tax Cost of Bonds

If the bonds are issued as planned, an annual property tax to pay debt service on the bonds will be required over a period of ____ years in the estimated amount of $____ on a (insert the average value of a residence in the taxing entity rounded to the nearest thousand dollars) residence and in the estimated amount of $____ on a business property having the same value.
[If applicable] If there are other outstanding bonds, an otherwise scheduled tax decrease may not occur if these bonds are issued.

The foregoing information is only an estimate and is not a limit on the amount of taxes that the governing body may be required to levy in order to pay debt service on the bonds. The governing body is obligated to levy taxes to the extent provided by law in order to pay the bonds.

The purpose of the bonds may be stated in general terms and need not specify the particular projects for which the bonds are to be issued or the specific amount of bond proceeds to be expended for each project.

If the bonds are to be payable in part from tax proceeds and in part from the operating revenues of the local political subdivision, or from any combination of tax proceeds and operating revenues, the bond proposition may indicate those payment sources, but need not specify how the bonds are to be divided between those sources of payment.

The bond proposition shall be followed by the words, "For the issuance of bonds" and "Against the issuance of bonds," with appropriate boxes in which the voter may indicate his choice.

Nothing in the above statement prohibits the addition of descriptive information about the bonds.

3. If a bond proposition is submitted to a vote on the same day as any other election held in the local political subdivision calling the bond election, the bond proposition may be combined with the candidate ballot in a manner consistent with Section 20A-6-301, 20A-6-303, or 20A-6-402.

4. The ballot form shall comply with the requirements of Title 20A, Chapter 6, Ballot Form.